Let’s face it—buying new accounting software isn’t something you do every day. It’s probably not something you do every year, in fact. Many companies wait as long as possible before shopping around for new accounting software. It can be a daunting task. And then thinking ahead, to moving all that data into a new system? It’s enough to make even the hardiest accounting and finance professionals think twice.
Fortunately, we’ve put together a list of five key questions to ask when you are considering new accounting software. You can add your own spin to this list, of course, but we’ve found that these are the basics most teams ask before choosing their new software.
5 Questions to Ask When Shopping for New Accounting Software
Ready? Sit down and think about these questions before you start your search.
- Can the software grow with your company?
Or is the software scalable? The best accounting software can grow along with your business. Look for software that supports your current business as well as offers multiple add-ons or extensions to support a growing business.
Compare your current business with future plans. Will the new software allow for international currency conversion if you expand into a global market? Or can it connect to other locations if you’re planning on domestic expansion?
While some of these questions may not apply to all businesses, do keep growth plans in mind when you are searching for accounting software. You need a basic accounting package that can keep up with your company, not constrain its growth.
- Will everyone be able to access the data they need?
Modern accounting software can offer the ability for multiple users to view varying levels of data, depending on the security and permissions that are set for their role.
Consider how users can access the data in each software package under consideration. Cloud systems offer excellent access both internal to your company and often to suppliers, too.
Review the reports available from the accounting systems. Does the software come with business intelligence and data visualizations, or will you need an add-on package?
- How frequently does the company update its software?
Some companies complete major updates infrequently. Others, like Acumatica, roll out updates based on user feedback twice a year. Some software companies make third parties jump through hoops to gain developer access, while others welcome third-party developers and connect with ease to common productivity suites.
Never assume that all accounting software is created equal. Be sure the company under consideration is up to speed on the latest accounting technology, such as AI and data analytics. Compare update schedules and understand the company’s commitment to the latest technological advances.
- Will this software make my job easier, especially in reference to compliance?
Sales tax can be a big headache for a retail business. Changing laws, international requirements, sales tax jurisdictions, all must be tracked and updated frequently. Look for accounting software that updates when the laws and tax codes update, or that at least takes into account the fact that these things change. Cloud software may be a good choice if frequent updates to laws and regulations impact your business.
- Will the software require extensive customization?
As we mentioned above, some accounting software companies welcome third party application development. The result is that the base package connects easily to other software products, enabling you to create a system that suits your needs. Other accounting software providers may not welcome developers, and as such, you’re either forced to add their own brand of products to the base accounting package or pay for expensive customization. Know what you are getting into before buying software. Customization can be costly in both time and money, and as the software ages, it may be more challenging to find developers to add to it as needed.
We Make Finding the Right Accounting Software Easier
If you’re in the market for new accounting software, may we recommend Sage 100, Sage 300, or Acumatica? Depending on your needs, one of these packages should fit your needs. We’d be happy to sit down and talk about your company’s needs and match you with right software.
Mindover Software provides ERP software consulting, training, and implementation. For more information, please, contact us or call 512-990-3994.